Binance to Partner With Mastercard to Launch a Prepaid Card in Brazil

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Last Updated on January 31, 2023 by Bitfinsider

Binance and payments provider Mastercard are collaborating once more, this time to develop a prepaid Binance card in Brazil.

According to a corporate announcement, the card will allow Binance customers with proper national identity to conduct cryptocurrency purchases and pay expenses.

“The prepaid card is part of Binance’s continued efforts to evolve the bridge between traditional financial services and the developing crypto ecosystem,” the company said.

Dock issued the card, which is currently in beta testing with intentions to make it broadly available in the coming weeks.

“Brazil is a very important market for Binance, and we will continue to invest in new services for local consumers while also contributing to the development of the country’s blockchain and crypto ecosystem,” said Guilherme Nazar, Binance’s general manager for Brazil.

According to the Chainalysis index, Latin America was the fifth largest cryptocurrency market last year, with inhabitants of Latin American countries receiving $562 billion in crypto in the year through June 2022, a 40% increase. Interest in cryptocurrencies has grown in places like Argentina, where inflation is expected to reach over 100% by 2022. Cryptocurrencies are commonly utilized for cross-border remittances in order to evade capital regulations and high transfer fees.

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